Not only has price fallen below the 50 and 200 day moving averages, it has also now broken down below the 50 week moving average.
Looking at the , you can see that it is rolling over to form a crossover here on the weekly chart, and it's about to fall back below the zero line. If you recall from my past analyses, I showed how when BTC falls below the weekly zero line on the , it generally ends up in a fall of 60-70% within a few months. This recent breakdown below the zero line in December was an anomaly, because it was able to quickly recover above the zero line, which has never happened before in the history of Bitcoin on the weekly time-frame. So, that is what produced the rally from December to February. However, it appears that the recovery wasn't sustainable, as we can see price is rolling back over, with the falling back below the zero line.
So, while everyone was screaming about how wrong my analysis was, in time, you will probably find that it was accurate, just as you do with all of my analyses. Price never moves in a straight line, and sometimes it takes time for analyses to play out — especially when we're looking at the weekly time-frame.
At the moment, I think there is a high probability that (in the coming weeks) BTC will retest the 200 week moving average (in purple) which is currently in the 5500 range.
I'm The Master of The Charts, The Professor, The Legend, The King, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***